A Singapore Chinese style roast meat food stall was sold for $4 million (about US$3.1 million) last week, about $500,000 than its initial asking price.<\/p>\n
The stall, Kay Lee Roast Meat Joint, set up in the 1970s, by Ha Wai Kay, 64, and his wife Betty Kong, 68, is an instutition of sorts in the Paya Lebar area in Eastern Singapore.<\/p>\n
They have sold the business, which includes a shophouse unit valued at $2.1 million, to a listed company, Aztech Holdings.<\/p>\n
Kay Lee\u2019s owners had set off talk in the food and beverage industry in 2012 when they first <\/span>named their $3.5 million asking price because food stalls typically aren\u2019t sold. They\u2019re either handed to the owners\u2019 children or closed when the owners retire.<\/p>\n Betty said she gave up her career as a clothes designer 40 years ago to help her husband with his Cantonese-style roast meat business which includes it\u2019s signature dish char siew, as well as roast duck and roast pork.<\/p>\n The lesson is that building a business with a long-term focus can yield handsome dividends. With the $4 million selling price, the couple can expect to retire comfortably, assuming they don\u2019t start another business venture.<\/p>\n In the online marketing world, with the near-instant nature of setting up a website and selling products within a couple of hours, there may be a tendency to build \u201cpop up\u201d type businesses that are trend-focused without a clear idea of its long-term prospects.<\/p>\n I think most marketers, including myself, start off with arbitrage businesses \u2013 running campaigns with a priority on generating sales, then profit. Thinking of how to grow the business comes later when you\u2019re not showing losses as you pay your \u201cschool fees\u201d.<\/p>\n That\u2019s one of the reasons I\u2019ve developed my Mindware Recode Foundations workshop which I\u2019ll be launching later this week.<\/p>\n Planning and having in place a blueprint that you can follow means starting and growing an online business will be less haphazard and random than it would normally be.<\/p>\n With a focus on researching various verticals, designing and positioning your business so that you have a clear idea of where you want to be, it reduces some of the time and capital that would otherwise be wasted trying to figure out what you want to do and to find something that works.<\/p>\n Through a 10-week cycle, I\u2019ll be going through the process of how I research new ideas, do due diligence on products and services in the space, then decide how I either promote the services as an affiliate or develop my own product. From there I\u2019ll also be covering traffic generation (paid and free), campaign analytics and optimization.<\/p>\n I\u2019ll be showing how I apply the techniques to launching and growing a new series of products and will also be helping participants roll out their own online businesses too.<\/p>\n The class will be held weekly for 10 weeks, starting this week and will be held over video conferencing and will also have a discussion forum.<\/p>\n","protected":false},"excerpt":{"rendered":" A Singapore Chinese style roast meat food stall was sold for $4 million (about US$3.1 million) last week, about $500,000 than its initial asking price. The stall, Kay Lee Roast Meat Joint, set up in the 1970s, by Ha Wai Kay, 64, and his wife Betty Kong, 68, is an instutition of sorts in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1828],"tags":[],"_links":{"self":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/posts\/1866"}],"collection":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/comments?post=1866"}],"version-history":[{"count":1,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/posts\/1866\/revisions"}],"predecessor-version":[{"id":1867,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/posts\/1866\/revisions\/1867"}],"wp:attachment":[{"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/media?parent=1866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/categories?post=1866"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/whoisandrewwee.com\/wp-json\/wp\/v2\/tags?post=1866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}